allonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 70% are collected in the rst month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $80,000, $140,000, and $130,000, respectively, what were the firm's udgeted collections for the quarter? Multiple Choice $201,000. $220,000. $232,000. $292,000. None of the answers is correct.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 70% are collected in the
First month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $80,000, $140,000, and $130,000, respectively, what were the firm's
budgeted collections for the quarter?
$201,000.
$220,000.
$232,000.
$292,000.
Help
None of the answers is correct.
Save & EXIL
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Transcribed Image Text:Multiple Choice Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 70% are collected in the First month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $80,000, $140,000, and $130,000, respectively, what were the firm's budgeted collections for the quarter? $201,000. $220,000. $232,000. $292,000. Help None of the answers is correct. Save & EXIL SUB
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